Ripple is partnering with Pyypl, the international blockchain-based financial services technology company.

Financial institutions and small and medium-sized enterprises in the Middle East can now look forward to making instant, low-cost cross-border remittances using Ripplenet’s first-ever On-Demand Liquidity (ODL) deployment in partnership with Pyypl, an international blockchain company. (BusinessWire)

Ripplenet’s ODL, which uses cryptocurrency XRP for effecting international remittances, frees up remitters’ capital by eliminating pre-funded accounts, allowing the money to be instead used for growing their business.

In the Middle East, the UAE and Saudi Arabia made a combined $78 billion worth of payments in 2020, constituting two of the world’s three largest remittance corridors. Ripple established a new regional headquarters in Dubai in 2020, and year-to-date, is already enjoying 4X growth in transactions.

Pyypl holds a license from the ADGM’s Financial Services Regulatory Authority and has already commenced ODL in the Philippines.

“The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments,” said Brooks Entwistle, Managing Director of RippleNet in APAC and MENA. “MENA continues to be a critical region for Ripple thanks to our outstanding roster of customers, a welcoming regulatory environment and a regional focus on the needed improvements in the current financial system.”

Ripple’s global network known as RippleNet uses crypto and blockchain technology to enable real-time payments and cross-border transfers. By joining RippleNet financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively.

Earlier this month, Ripple announced its partnership with the Digital Pound Foundation to explore the development and facilitate the roll out of British CBDC in the UK.

The SEC sued Ripple in December 2020 and charged that it raised $1.3 billion through an unregistered securities offering using digital assets, namely XRP.

The suit is ongoing.

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